Any lingering hopes that the debt crisis was put to rest are brutally dashed. Investors are bailing out: Greek stocks down 20% in three days.
Toxic mix: plunging oil price, soaring debt, itchy hot money, and public rage.
As the EU periphery has shown, cutting wages – as bad as that is – does not necessarily translate into the creation of new jobs. But then, who would win?
Extreme wealth is not just subject to virtually no tax; it is a magnet for public funds.
The government blames the nationwide protests on groups seeking to “destabilize the country” and undermine the “reform agenda.” But in this militarized, corrupt society, the risk of escalation of violence is immense.
President Enrique Peña Nieto can no longer keep up the pretense that things are on the up – not since the disappearance of 43 trainee teachers from Iguala.
There are a lot of tax havens in Europe. But they pale against the power of the City of London.
While the Rajoy government fiddles in its culture of corruption, the people simmer with anger, and Spain is about to enter a whole new world of pain.
Resistance not only from certain quarters of the largely disenfranchised public but also from the least likely national governments.
The new Eurocratic elite is worried. Deep cracks are spreading.